I own both shares and hybrids, for about 4 years. I like this...

I own both shares and hybrids, for about 4 years. I like this deal because the current market cap of Spicers is under $50M. However, I believe that a re-capitalised Spicers based on the proposal today should be worth at least double, around $100M based on the Spicer brand value, having significant revenues, no debt, and solid NTA per share. It could even be worth more, and we simply need to allow the market some months to adjust the perception of the share price. So if this deal goes ahead and my predictions happen, then everyone will double their money. The hybrid holders would end up with around $27 for each hybrid currently held, and the shareholders will end up with around 5c for each share currently held. I will gladly support this proposal because its a fair deal for everyone. This re-capitalisation will enable Spicers to prosper and for the owners of the business to realise its true value.